TDA Market Recap, May 17, 2016

Source: Texas Department of Agriculture
For the week ending May 13, 2016, Texas feeder cattle auctions reported prices $1 to $12 higher. Texas Weekly Direct reported prices $3 to $9 higher. Wholesale beef values were higher, with Choice grade gaining $10.99 to close at $218.56 per hundredweight (cwt) and Select grade gaining $11.01 to close at $205.95 per cwt.
For the time period of May 2-8, the USDA NASS Field Office reported that livestock producers in the Northern Low Plains and South Texas continued to report an abundance of available forage for livestock on native range and pastures. Pastureland in areas of the Blacklands and East Texas were saturated due to recent rainfall.  Livestock, range and pasture conditions were mostly good across the state.
For the time period of April 29-May 5, exporters reported net sales of 13,400 metric tons (MT), which were down 14 percent from the previous week and seven percent from the prior four-week average. Increases were reported for South Korea, Japan and Mexico. Exports totaled 12,600 MT – a marketing-year high – and were unchanged from the previous week but up six percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were mixed at the end of last week, with cash prices gaining 0.75 cents to close at 58.37 cents per pound and May futures prices losing 0.71 cents to close at 60.62 cents per pound. Net upland sales totaled 103,500 round bales (RB) for 2015-2016, which were up 69 percent from the previous week and 38 percent from the prior four-week average. Increases were reported for Turkey, Brazil and Vietnam. Exports totaled 171,100 RB, which were down 38 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were China, Turkey and Vietnam.
Wheat prices were higher at the end of last week, with cash prices gaining $0.07 to close at $3.73 per bushel and May futures prices gaining $0.11 to close at $4.45 per bushel. The USDA NASS Field Office reported Winter Wheat continued to progress well throughout the state, with areas of the Northern High Plains reporting some hail damage to crops. Some producers in areas of South Texas were harvesting winter wheat for grain; in many areas, they are making plans for harvest. Net sales totaled 294,900 MT, which were up 65 percent from the previous week and 24 percent from the prior four-week average. Increases reported for Yemen, Nigeria and Venezuela. Exports totaled 447,100 MT, which were up 16 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were the Philippines, Nigeria and Yemen.
Corn prices were higher at the end of last week, with cash prices gaining $0.22 to close at $3.88 per bushel and May futures gaining $0.14 to close at $3.82 per bushel. Net sales totaled 1,105,300 MT for 2015-2016, which were up 44 percent from the previous week but down 16 percent from the prior four-week average. Increases were reported for Japan, Israel and Mexico. Exports totaled 1,141,600 MT, which were down seven percent from the previous week and one percent from the prior four-week average. The primary destinations were Mexico, Japan and Colombia. Grain sorghum cash prices were higher at the end of last week, with cash prices gaining $0.29 to close at $5.83 per cwt.
Milk prices were lower at the close of last week, with May Class III milk futures losing $0.02 to close at $12.73 per cwt.
This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 9.95 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly, with 29.24 percent of the U.S. experiencing abnormal dryness or some degree of drought.